Each user requires peace of mind knowing that their savings in the bank is safe. Provide deposit insurance protection guarantees. In addition, users can now be relieved to know that the takaful and insurance benefits they are also protected by the Deposit Insurance Corporation of Malaysia (PIDM). PIDM is a government agency established in 2005 to protect depositors who have deposits in banks as well as owners of takaful certificates and insurance policies in the event of a member institution failure.
Protection for deposit insurance
PIDM protects your deposits up to RM250,000 per depositor per member bank. Eligible deposits are insured by PIDM savings accounts, current accounts, fixed deposits, foreign currency deposits, as well as accounts of sole proprietorships, partnerships, professional practices and companies. Moreover, conventional and Islamic deposit accounts also separately protected up to RM250,000 per depositor per member bank. RM250,000 limit includes both the principal amount of the deposit and the interest / return.
Separately protected account
Joint Accounts: Accounts with deposit insurance coverage separately, provided that a member bank records indicate the name of the joint account holders. However, the maximum coverage of joint accounts is not RM250,000 and RM250,000 collectively for each account holder.
Trust Accounts: For trust accounts, beneficiaries can receive coverage separately if the trustees to submit each beneficiary and the amount of interest that is subject to each beneficiary in the records of the member banks. Each beneficiary separately protected up to RM250,000 from deposit accounts are insured for their other types.
Account of a sole proprietorship, partnership or Professional Practice and Company: proper accounts also separately protected up to RM250,000.
Types of products that are NOT eligible for deposit insurance coverage, such as deposits not payable in Malaysia, negotiable instruments of deposit, other bearer deposits, unit trusts, stocks and shares and product or gold-related investment accounts.
PIDM member banks are all commercial banks licensed under the Banking and Financial Institutions Act 1989 and all Islamic banks licensed under the Islamic Banking Act 1983, including foreign banks operating in Malaysia. Membership is mandatory in accordance with the provisions of the Malaysia Deposit Insurance Corporation Act (MDIC Act). Please note this membership sign at all entrances to your member bank branch.
If you have savings deposits in different branches of a bank members, the amount eligible to be covered will be aggregated for purposes of deposit insurance coverage.
Residence or nationality does not affect deposit insurance coverage. Deposits placed in member banks PIDM will be protected up to RM250,000 per depositor per member bank.
In the event of a bank failure, you do not need to submit a claim. PIDM will make an announcement to inform about the repayment of deposits covered. Refund of deposit will be made based on records obtained from the depositary bank experts.
Source: Malaysia Deposit Insurance Corporation (PIDM)
No comments:
Post a Comment